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India: Expansion in exports decelerates in July, but remains strong

August 18, 2014

The trade deficit totaled USD 12.2 billion in July, which was a touch below the USD 12.5 billion shortfall recorded in the same month last year. In the 12 months up to July, the trade deficit totaled USD 121.4 billion, which was virtually in line with the USD 121.7 billion shortfall seen in the 12 months up to June.

Exports expanded at a healthy 7.3% annually in July, although this figure is below the 10.2% rise recorded in June. Imports also decelerated in July and expanded 4.3% (June: -8.3% year-on-year).

Operating conditions in India’s manufacturing sector were less upbeat in January from the previous month, with evidence suggesting that the Goods and Services Tax (GST) remains a risk to business performance as firms face delayed payments.